Tirupati Forge Targets ERFB Shell Production by H1 FY28

Tirupati Forge Limited expects commercial production of its 155mm ERFB shell body by H1 FY28 after completing forging and machining, while management said multiple prospective international customers have shown commercial interest. The programme remains pre-commercial, alongside Q2FY27 total income of Rs 58.15 crore, up 51% quarter on quarter.

What has Tirupati Forge completed on the ERFB shell?

Tirupati Forge has completed the forging and machining of the 155mm ERFB shell body, which management identified as a milestone in its advanced defence-manufacturing programme. The company described ERFB as a highly specialised defence product and said only a limited number of manufacturers globally have the technical expertise and production capabilities required for it.

The completed work covers two core manufacturing stages, forging and machining, rather than the start of commercial output. Management said this achievement places Tirupati Forge among a select group of global manufacturers capable of producing ERFB shells, although the presentation does not disclose the number of shells made, a customer order, a contract value or a production capacity for this product.

Tirupati Forge’s manufacturing unit is spread across 5 acres and includes in-house testing and research and development laboratories. Its installed capacity is 15,000 tonnes per annum, and it is one of only three Indian firms stated to have installed a 630-tonne Lasco press line. The presentation does not allocate that 15,000-tonne capacity specifically to ERFB shells or other defence products.

The company also lists IATF 16949:2016, ISO 9001:2015, PED AD 2000 and CRN certifications among its manufacturing credentials. These disclosures describe Tirupati Forge’s broader forged and machined-components platform, but the presentation does not identify a separate ERFB production line or disclose capital expenditure for the product.

When will Tirupati Forge start ERFB shell production?

Tirupati Forge expects commercial production of the 155mm ERFB shell to commence by H1 FY28, or the first half of fiscal year 2028. This is an expected timeline disclosed in the defence update, not a report that production has begun, and the presentation does not specify a month, volume ramp-up schedule or first-customer delivery date.

The ERFB target follows a separate 155mm M107 empty-shell programme that has reached a later disclosed validation stage. Tirupati Forge completed its first batch of 200 M107 empty shells, after which the defence team visited its facility for final inspection ahead of proof testing. The company expects commercial production of M107 shells in Q4 FY27, earlier than the H1 FY28 ERFB target.

The two products are therefore at different disclosed milestones. The M107 line has a completed 200-unit initial batch and awaits proof-testing results, whereas ERFB has completed forging and machining and has an H1 FY28 commercial-production expectation. Tirupati Forge has not stated that ERFB shells have undergone final inspection, proof testing or customer qualification.

How does the ERFB project fit Tirupati Forge’s defence plan?

Tirupati Forge presents ERFB as a second disclosed defence-product pipeline alongside the 155mm M107 empty shell, with a differentiated manufacturing process and an expected H1 FY28 production start. The company also said it received a manufacturing licence from the Department for Promotion of Industry and Internal Trade, or DPIIT, which it described as enabling further progression of its defence product portfolio.

Management said it is witnessing strong commercial interest from multiple prospective customers in international markets for ERFB shells. That statement indicates potential demand rather than disclosed orders: the presentation gives no customer names, order book amount, purchase commitments, pricing, export approvals or revenue forecast linked to the ERFB programme.

The company’s existing business has substantial overseas exposure, with 55% of revenue attributed to overseas markets including the United States, Canada, Malaysia, Europe and African countries. In the chairman’s update, management linked Q2FY27 growth particularly to North American demand. This international-market presence is part of the context for management’s plan to develop a diversified international defence customer base.

Tirupati Forge has more than 15 years of experience manufacturing forged and machined components. That background and the 15,000-tonne annual installed capacity support the company’s stated manufacturing platform, but the presentation does not quantify defence revenue, ERFB margin expectations or the proportion of capacity expected to serve defence products.

What changed in Tirupati Forge’s Q2FY27 financial performance?

Tirupati Forge’s total income rose to Rs 58.15 crore in Q2FY27 from Rs 38.43 crore in Q1FY27, a 51% quarter-on-quarter increase that the company attributed to robust North American demand. Profit after tax rose 238% to Rs 4.12 crore from Rs 1.22 crore, according to the Q2FY27 update for the quarter ended September 30, 2026.

Earnings before interest, taxes and amortisation, reported by Tirupati Forge under the EBITA label, increased to Rs 8.188 crore in Q2FY27 from Rs 4.703 crore in Q1FY27. The presentation attributes sales growth to North American demand and says profitability improved, but it does not provide a segment-level split between the core forging business and defence activity.

The Q2FY27 figures show growth in the established operating business while the ERFB initiative remains pre-commercial. Tirupati Forge said it has encouraging defence order-book visibility, but it did not quantify the order book or state how much, if any, relates to the M107 or ERFB shell programmes. The disclosure does not establish when ERFB interest will become revenue.

Conclusion

Tirupati Forge has moved its ERFB programme through forging and machining and has set H1 FY28 as the expected start of commercial production. The project adds a technically specialised shell body to a defence pipeline that also includes 200 completed M107 empty shells, while total income increased from Rs 38.43 crore in Q1FY27 to Rs 58.15 crore in Q2FY27.

The next disclosed milestones are M107 proof-testing results and its expected Q4 FY27 commercial-production start, followed by the ERFB commercial-production target in H1 FY28. The key subsequent disclosures would be whether Tirupati Forge converts stated interest from multiple international prospective customers into identified orders, production volumes or revenue, none of which the presentation quantifies.